CLASS RACER FORUM - View Single Post - Credit cards at the gate for entry....what is the problem ??

Dwight Southerland · 02-11-2012, 07:51 PM

Terry - Your story is exactly why there is a double-edged sword. If some little guy was making money off the cc charges, it would be okay. What I have seen in my working in the industry is that the small innovators who got the whole electronic transaction processing business going have been forced out of business by federal regulations that make it so that only the huge financial insitutions can own the network. Now it's just a way for the big to get bigger and we pay for it. It's like the recent mortgage settlement for $25 billion; additional fees are being placed on mortgage processing and payment transactions by the very institutions who were "punished". We end up paying for their settlement. Or trying to tax corporations to somehow make it "fair". They just tack on the expense onto the market prices and we pay for it.

I am glad it helped your daughter. There just needs to be some honesty in the banking world. Just like there needs to be honesty in sportsman drag racing.

Still on my soap box, sorry!

02-11-2012, 07:51 PM	#23
Dwight Southerland VIP Member Join Date: Dec 2001 Location: Arkansas - In the middle of everything. Posts: 2,002 Likes: 64 Liked 783 Times in 195 Posts	Re: Credit cards at the gate for entry....what is the proble Terry - Your story is exactly why there is a double-edged sword. If some little guy was making money off the cc charges, it would be okay. What I have seen in my working in the industry is that the small innovators who got the whole electronic transaction processing business going have been forced out of business by federal regulations that make it so that only the huge financial insitutions can own the network. Now it's just a way for the big to get bigger and we pay for it. It's like the recent mortgage settlement for $25 billion; additional fees are being placed on mortgage processing and payment transactions by the very institutions who were "punished". We end up paying for their settlement. Or trying to tax corporations to somehow make it "fair". They just tack on the expense onto the market prices and we pay for it. I am glad it helped your daughter. There just needs to be some honesty in the banking world. Just like there needs to be honesty in sportsman drag racing. Still on my soap box, sorry!